Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.
Andreessen Horowitz raised $9B across three funds
Andreessen Horowitz raised $9 billion in new funds across venture, growth and its bio fund. The firm raised $2.5 billion for venture fund 8, $1.5 billion for bio fund 4, and $5 billion for its growth fund 3 according to an announcement penned by co-founder Ben Horowitz. To the question ‘why $9 billion?’ Horowitz cites the firm’s core value: “We believe in the future and we bet the firm that way.”
Each of these funds is significantly larger than prior funds. A16z—as the company is also known—last raised its core venture fund 7 at $1.3 billion and its second growth fund of $3.2 billion in November 2020. Earlier that year, in February, it raised its bio fund 3 of $750 million.
In 2021, the firm announced a $400 million dedicated seed fund, and its second crypto fund of $2.2 billion.
— Gené Teare
Avataar raises $45M to turn 2D to 3D
Bangalore-based Avataar, a developer of technology for merchants to turn 2D images into 3D models and add augmented reality features, raised $45 million in a Series B funding round.
Tiger Global led the financing, joined by Sequoia Capital India. The company’s offerings include tools to visualize large items such as furniture in virtual homes and stores.
— Joanna Glasner
Funding rounds
AN2 Therapeutics closes $80M Series B: Menlo Park, California-based AN2 Therapeutics, a clinical-stage biopharmaceutical startup focused on developing treatments for rare, chronic and serious infectious diseases, announced raising $80 million in a Series B funding round. RA Capital Management led the financing, which also included BVF Partners, Surveyor Capital, Avidity Partners, Monashee Investment Management and Hatteras Venture Partners, along with existing investors.
— Joanna Glasner
RoadRunner Recycling lands $70M: Pittsburgh-based RoadRunner Recycling raised a $70 million Series D from BeyondNetZero — General Atlantic’s climate investing arm. The company’s platform helps companies improve recycling rates and streamline waste operations to help drive sustainability. Founded in 2014, RoadRunner’s total funding to date is $129.5 million.
— Chris Metinko
Goldfinch picks up $25M: Goldfinch, a decentralized finance startup that offers crypto loans without collateral, announced it raised $25 million in a Series A round led by Andreessen Horowitz.
— Joanna Glasner
Illustration: Dom Guzman
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